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Wabeno, Wisconsin: Rising Home Values and Ownership Rates Amidst Market Volatility
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Wabeno, a small community in Wisconsin, has experienced notable shifts in its housing landscape over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in the local real estate market.
The homeownership rate in Wabeno has shown considerable fluctuation between 2013 and 2022. In 2013, 71% of residents owned their homes. This figure rose significantly to 81% by 2015, indicating a strong preference for homeownership during this period. After a slight dip to 75% in 2019, the rate rebounded to 82% in 2022, the highest recorded in the dataset. This overall upward trend in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $109,757, which rose consistently year over year, reaching $182,194 by 2022. This represents a substantial 66% increase in average home values over nine years.
The relationship between federal interest rates and homeownership rates in Wabeno appears to follow expected patterns. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates increased from 71% to 79%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, despite rising interest rates from 2017 to 2019 (1% to 2.16%), homeownership rates remained relatively stable, suggesting other local factors may have influenced housing decisions during this period.
Renter percentages in Wabeno have generally declined as homeownership increased. In 2013, 29% of residents were renters, which decreased to 18% by 2015. The renter percentage stabilized around 21-25% from 2016 to 2021, before dropping again to 18% in 2022. Interestingly, average rent prices have shown significant volatility. From $502 in 2013, average rent spiked to $543 in 2014, then plummeted to $238 in 2015. It rebounded to $580 in 2018, dropped again to $468 in 2019, and then climbed to $632 in 2021 before settling at $583 in 2022. This volatility in rent prices does not appear to correlate strongly with the more stable renter percentages, suggesting other factors may influence rental market dynamics in Wabeno.
In 2023 and 2024, Wabeno's housing market continued its upward trajectory. The average home price reached $192,299 in 2023 and further increased to $193,852 in 2024, representing a 6.4% growth from 2022 to 2024. This rise occurred despite significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing.
Looking ahead, based on the historical data and recent trends, we can project that average home prices in Wabeno are likely to continue their upward trajectory over the next five years, albeit potentially at a slower pace due to higher interest rates. Average rent prices may continue to fluctuate but are expected to maintain an overall upward trend, influenced by housing demand and economic factors.
In summary, Wabeno has experienced a significant increase in homeownership rates and average home prices over the past decade. The rental market has shown more volatility in pricing, while the percentage of renters has generally decreased. The community's resilience in maintaining strong homeownership rates, even in the face of rising interest rates, suggests a robust local housing market with potential for continued growth in the coming years.
